July 4, 2008, Newsletter Issue #135: Tax Benefits

Tip of the Week

Congress created The Standard Deduction allowing individuals who itemize deductions on their tax returns to deduct premiums paid for long term care insurance policies. The amount you can deduct is subject to 7.5% of the gross income limitation, but if you are self-employed the premiums are deductible as an adjustment to gross income.

Therefore, your maximum deduction is based on your age and range from approximately $300 up to more than $3,000.

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